Stock Market Today With IBD

The key indexes continued to pause or pull back from recent highs, with the Nasdaq and Russell 200 testing the 21-day line. Sideways action could create new buying opportunities, but right now is fueling more fake outs, with ServiceNow and East West Bancorp down but not necessarily out. Arista Networks has a new flat base. The Fed meeting and two big AI meetings are on tap. Learn more about your ad choices. Visit megaphone.fm/adchoices

The 10-year Treasury yield spiked by 10 basis points to 4.29% after wholesale prices came in higher than expected. February retail sales were also soft as the Nasdaq and S&P 500 marked fresh distribution days. Alphabet moved above its 50-day line; Ares Management is forming a new base; Modine Manufacturing could have a bigger pullback in store after breaking an upper channel line. Learn more about your ad choices. Visit megaphone.fm/adchoices

Breadth was slightly negative on the Nasdaq and slightly positive on the NYSE. The 10-year Treasury yield rallied up to a key level near 4.19% ahead of Thursday’s PPI report. Microsoft is basing nicely above its 10-week line; Freeport-McMoRan soared with other copper stocks; Coupang is still in a buy zone. Learn more about your ad choices. Visit megaphone.fm/adchoices

Big tech stocks like Nvidia led the major indexes higher despite a somewhat-hot CPI inflation report. ServiceNow, Shockwave Medical, and Archrock all showed buy signals. Analysis includes market performance, early trend identification, software and chip stock performance, and stock opportunities in the medical and energy sectors.

After Friday’s reversal you would expect more weakness but indexes didn’t give up a lot of extra ground. Arch Capital was one of the few breakouts for the day and it isn’t alone in its strength as other insurance stocks also saw gains. Meanwhile, On Holding is setting up with a cup with handle with a buy point at 35.58 and Neurocrine Biosciences is carving out a flat base with a 143.35 buy point. Learn more about your ad choices. Visit megaphone.fm/adchoices

An extremely extended Nvidia reversed lower Friday, taking down other the Nasdaq. Is this a blip or character change for the AI leader? Meanwhile, Square-parent Block and Brazilian brokerage XP flashed buy signals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Winners beat losers on the S&P 500 by more than 2 to 1, but the ratio was less than 2 to 1 positive on the Nasdaq. All eyes will be on Friday’s employment report, which is expected to show February nonfarm payrolls up 190,000. Entegris topped a new buy point in heavy volume; sellers have been in On Holding ahead of next week’s earnings report; Cloudflare is pulling back in orderly fashion after surging on earnings. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fed Chairman Jerome was on Capitol Hill Wednesday, giving his Semiannual Monetary Report to Congress in front of a House committee. He’ll be in front of the Senate tomorrow ahead of Friday’s jobs report. The Nasdaq composite rebounded after some selling Tuesday, but early gains faded after sellers came into the market just after 1:30 p.m. ET. Dexcom broke out in heavy volume; CyberArK is consolidating above its 10-week line, while Block is setting up in a cup-with-handle base after a bullish earnings report. Learn more about your ad choices. Visit megaphone.fm/adchoices

The stock market retreated Tuesday, with the Nasdaq giving up its Thursday-Friday gains to record highs. Software stocks were big losers Tuesday, including Duolingo. Bank stocks such as PNC Financial continue to do well, while homebuilders like Lennar are holding up well. Learn more about your ad choices. Visit megaphone.fm/adchoices

While the Nasdaq composite and S&P 500 took a little pause there were still some big movers under the surface. With Super Micro joining the S&P 500 it got a 25% boost but is wildly extended. BlackRock broke out of a tight flat base as some banks rallied and bitcoin hit highs. Rollins broke out of a cup-with-handle with a group that has seen recent movement to the forefront. Finally, Samsara is setting up in a base of its own but has more volatility and earnings coming on March 7. Learn more about your ad choices. Visit megaphone.fm/adchoices